T2SCH1-06E

T2SCH1-06E - The purpose of this schedule is to provide a...

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Unformatted text preview: The purpose of this schedule is to provide a reconciliation between the corporation's net income (loss) as reported on the financial statements and its net income (loss) for tax purposes. For more information, see the T2 Corporation Income Tax Guide. (2004 and later taxation years) . . . . . . . . . . . . . . . . . . . . . . . Page 1 of 3 (Vous pouvez obtenir ce formulaire en franais www.arc.gc.ca ou au 1 800 959-3376 .) SCHEDULE 1 T2 SCH 1 E (06) NET INCOME (LOSS) FOR INCOME TAX PURPOSES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Please provide us with the applicable details in the identification area, and complete the applicable lines that contain a numbered black box. You should report amounts in accordance with the Generally Accepted Accounting Principles (GAAP). Sections, subsections, and paragraphs referred to on this schedule are from the Income Tax Act. z z z Net income (loss) after taxes and extraordinary items per financial statements Add: Provision for income taxescurrent Amortization of tangible assets Amortization of natural resource assets Amortization of intangible assets Interest and penalties on taxes Income or loss for tax purposesjoint ventures or partnerships Loss on disposal of assets Charitable donations from Schedule 2 Taxable capital gains from Schedule 6 Political donations Holdbacks Deferred and prepaid expenses Depreciation in inventoryend of year Scientific research expenditures deducted per financial statements Non-deductible club dues and fees Non-deductible meals and entertainment expenses Non-deductible automobile expenses Non-deductible life insurance premiums Non-deductible company pension plans Tax reserves deducted in prior year from Schedule 13 Recapture of capital cost allowance from Schedule 8 Total of fields 201 to 294 on page 2 Gain on sale of eligible capital property from Schedule 10 Capitalized interest Reserves from financial statementsbalance at the end of the year Soft costs on construction and renovation of buildings Deduct: Gain on disposal of assets per financial statements Dividends not taxable under section 83 from Schedule 3 Capital cost allowance from Schedule 8 Terminal loss from Schedule 8 Allowable business investment lossSchedule 6 Foreign non-business tax deduction under subsection 20(12) Holdbacks Deferred and prepaid expenses Depreciation in inventoryend of prior year Scientific research expenses claimed in year from Form T661 Reserves from financial statementsbalance at the beginning of the year Cumulative eligible capital deduction from Schedule 10 Tax reserves claimed in current year from Schedule 13 Net income (loss) for income tax purposes enter on line 300 on page 3 of the T2 return Loss in equity of subsidiaries and affiliates Provision for income taxesdeferred Total of fields 101 to 199 A 102 103 104 105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125 126 128 199 500 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .....
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T2SCH1-06E - The purpose of this schedule is to provide a...

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